Stock price when the opinion was issued
Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.
Owns shares, and has suffered share price depreciation. Europe pricing very hard on business. Company is going to have to re-evaluate Europe assets. Better options in the energy sector for investors.